While I hesitate to venture a guess at whether or not the market in Bridgehampton has hit bottom, I will say that I believe Bridgehampton to be one of the, if not the, most stable markets on the East End (along with, perhaps, Sagaponack). Bridgehampton has seen steady sales (given the sluggish market) and these sales enable us to determine property values in the area and price a property to today's market. Since the fall of 2008, we have seen a 20-30% decrease in property value across the East End, and the properties that are currently selling are priced to reflect the adjusted value.
From October 2008 until August 2009, the market was at a virtual standstill and it was very difficult for anyone to know how far property values would fall, making it very difficult to comp and price properties. What makes Bridgehampton stable, in my eyes, is that sales continued in Bridgehampton through the worst part of the slump, enabling property values to be determined earlier on and sellers responded to this by lowering their prices, further boosting sales. This is in comparison to areas such as the Northwest Woods of East Hampton and the Sag Harbor/North Haven area, where prices are just starting to come down and sales are beginning to pick up.
In any market, Bridgehampton is always a popular area for buyers, given its central location and large South of the Highway land share. Even if you own North of the Highway, streets such as Butter Lane and Mitchell's Lane are popular as well, so you are in a good position whether you plan on selling soon or waiting until the market has rebounded (although this could take a while).
If you are thinking of selling now, my advice to you would be to choose an agent that is able to show you the value of your property by providing you with recent comps (within the past year, and certainly nothing before October 2008) rather than just telling you what your house is worth without having data to back it up. Price your house within no more that 10% of its value, perhaps less. Properties that are selling are priced close to value, and it is not in your best interest to over price your property and hope that people will make offers. It just isn't happening.
If you have any further questions, please do not hesitate to contact me at email@example.com.
Thank you for your question,
Devlin McNiff Real Estate